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Prime Minister George Papandreou stressed on Wednesday the need for a new “green” economic development model and closer international cooperation against speculators.

“The focus on green economy is no longer just a case of sensitivity towards the environment, but an issue of creating a sustainable economy also,” Papandreou told the 3rd Climate and Energy Security Summit for Southeast Europe and the Mediterranean.

That rule applies to Greece which this year faces a severe economic crisis that has alarmed European partners, as well as at an international level, Papandreou said.

“Due to the experience of the ongoing economic crisis, we realized that a closer international cooperation is needed to develop forward-thinking energy policies, as well as face the speculators who now attack Southern European countries,” Papandreou said.

Of course, the other country in Europe most immediately threatened by the European financial crisis is Spain. That country might be more heavily invested in the “green economy” than any other. How’s that working out for them? Oh, right:

For every green job created by the Iberian nation’s massive investment in renewable energy, that transfer of wealth to uneconomic activities cost the economy 2.2 jobs in opportunity cost, as well as direct job losses thanks to the increased cost of electricity (like sending steel jobs to Kentucky, as I’m told Rand Paul noted in one victory speech or another). And as I noted yesterday, even the president of Spain’s National Commission of Energy, socialist Maite Costa, calls Spain’s energy regime “insostenible.“